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is going to happen on the debt ceiling side because the whole debate around it is more damaging than resolving the whole thing, right? >> right. >> it's almost like any solution is better than continuing to have a debate and moving it out every two months. >> right. >> and then having 24 hours, seven days a week the news media filled with it. this will kill everybody's economics. >> pleasure having you shown the show. back with our guests now. gentlemen, what about that? we have now heard from alcoa. what kind of expectations do you have, mark newton, in terms of earnings for the fourth quarter, and does this tell us anything about what to expect from the s&p 5 hundred in terms of fourth-quarter numbers? >> well, i think they can be bit are a subdued and people have been taking down earnings estimates for quite some time and a lot of companies have begun to prepare for this, for obama care and this and that in the fourth quarter. the bottom line is it technically the market still acts quite well. we've seen -- four of the ten sectors needed some highs so the last couple of days of co
department said they were taking "extraordinary measures" to put off default. the debt ceiling debate is set to be the next big showdown in washington. both republicans and democrats have vowed to hold firm in their position. >>> and speaking of government spending, a report published monday says the obama administration spent $18 billion on immigration enforcement last year, more than on all the other federal law enforcement agencies combined and 15 times greater than immigration spending in 1986. the nonpartisan research group the migration policy institute says immigration has become the government's highest law enforcement priority. among those likely to be unhappy with that report, critics who say the administration has been soft on immigration violators. >>> after weeks of recovery from a concussion that led to a blood clot in her head, secretary of state hillary clinton was back in action monday as clinton presided over a state department meeting, her staff welcomed her back with a gag gift, a football helmet with the state department seal on it. she also got a football jersey with th
that stops. >> pete, the debt ceiling debate is likely to get ratcheted up. all of these things are like live to keep a bid in bonds simply because of the volatility that will bring. >> how about the bid in something like the pharmaceutical sector, the utilities and murph brought it up earlier, when you can buy protection now and get yourself into positions that you think not only will increase but a case in like a merck, i've been in merck for a while, getting a 4% dividend yield. i haven't had a reason yet to decide when and if i'm going to buy some put protection. but for those that are far more conservative than i am, that certainly would be something that would flash in your brain. i'd rather be there far more than i would in bonds. >> td ameritrade reveals how investors really feel about the markets. >> and yum brands weather the shares. and we go to the largest tech trade show. >> verizon is making news and its ceo will join us after the break. ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids,
ceiling debate. but a growing body of evidence hidden in plain sooigt suggesting republican leaders are coming to -- may not be able to execute it. sir, it's great to have you with me this morning. what happens to the leverage that republicans said they had coming up in the next fight? is perception really not reality? >> no, i actually think they have a great deal of leverage. it's not just the debt ceiling but the sequester and the continuing resolution that funds all of the government, all of which hit within basically 60 to 90 days. i think that does give that and plus, i think the public knows there needs to be serious spending cuts and entitlement reform. we're on much firmer footing than before and much more united as a party. it's up to the president to make pretty serious concessions. >> is the boehner rule going to be in place here, the boehner rule being every dollar raising the debt ceiling will require one dollar of spending cuts over the next ten years. do you think john boehner can deliver on that to his party? >> i think he absolutely can deliver. he delivered on it
for a second, wheng we get through the debt ceiling debate, is there something that feels like a pro-growth agenda? are we going to have the issues under control? is it enough to get businesses confident in the future? and i think when we get through this, we'll be left with a 2% economy, 4% earnings growth, and it's going to be okay, but uninspiring. >> 4%, 5% earnings growth, plus 2% for dividends, that's not a bad year for the s&p. it'll get you to 1,550? >> we are in a mid single digit equities environment. it's not horrible as long as you're not expecting something that's, you know, that's 10%. >> look at some of these releases. i'm very impressed with the isms for services. very impressed with capital goods, factory order spending, factories isms, even the employment report showed good hours worked in income. are we underestimating the economy? forget washington, put that aside. >> are you underestimating the economy? it'll be 3% instead of 2%? >> it could be. let's put it this way. if you look, for example, at the cbo budget numbers, they are looking for this thing to get to 3
. lori: never know looking at interest rates but there is new urgency on the debt ceiling debate after a just released report warning the u.s. government may default on its debt two weeks earlier than initially expected. the bipartisan policy center think tank is warning that the federal government may default on its debt as early as valentine's day. that is no love letter, february 14th. the government hit the $16.4 trillion debt limit on december 31st. the treasury department is taking extraordinary measures to stave off default. you can bet we're all over this one. melissa: i know. stay tuned. sounds like the ultimate case of ingratitude. aig's board is meeting to consider joining a big lawsuit against the u.s. government which says aig's controversial $182 billion bailout cheated aig investors. of course there is a lot more to this story. here's liz macdonald with emac's bottom line. >> there is news on this right now at this very hour. reuters is reporting that now the white house is out defending the bailout of aig. what is happening aig is confirming to fox business the board wi
. the deal also did not tackle the impending debt ceiling, a debate that will likely consume congress in the months ahead. joining me from washington, david leonhardt, he is the washington bureau chief of the "new york times." from chicago, austan goolsbee, a professor at the university of chicago booth school of business and previously chairman of the president's council of economic advisors. i'm pleased to have both of them back on this program. david, let me begin with you and tell me exactly where you think we are having that january 1 up to the last minute deal. what is the order of business for the executive branch and the legislative branch to do something to develop some sense of predictability and certainty and a road map for the future. >> well, we just missed a pretty substantial opportunity thief happen because i think the bigger deals that were on the table that president obama and speaker boehner were talking about would have removed some of these up coming deadlines, like the debt ceiling. and they didn't get one of those bigger deals. instead they got something in whic
. >> and the latest read on how small business owners are coping with the debt ceiling debate, and what it means for the economy. second hour of "squawk box" starts right now. good morning and welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen and becky quick. take a look at futures. see how the market is setting up today. red arrows across the board. dow looks like it will open off about three points. nasdaq and s&p 500 marginally lower. we also have some executive changes to report prominent in the headlines this morning. dell's senior vice president for corporate strategy david johnson is leaving to take a senior position at the blackstone group. johnson joined dell in 2009 from ibm and you might remember this. it was a controversial move. ibm had announced an unsuccessful legal challenge to keep johnson from joining dell in the first place citing a noncompete clause. also this morning sears chief executive louis deambrose yo is stepping down on february 2nd. citing family health measures for the reason. chairman eddie lampert has been taking over as the ceo pos
, rush limbaugh took a swipe at me last week because he doesn't agree with my take on the debt ceiling debate that's about to consume washington and the country again. he's accused me of being, quote, a low information reporter because i dared to say what the debt ceiling law isn't. >> i think it is a debt limit as your monthly credit card limit. you can't go over it on your credit card. and the united states government can't spend more than what its credit limit is or debt limit. ali velshi of cnn says that has no relation to spending. >> that's just the best part. he went on for about 11 minutes. let me explain again to rush, a bill involving money was passed, the treasury had to raise money for it by issuing bonds. since the u.s. has rarely had a surplus. the debt ceiling law was established to give treasury the flexibility to borrow chunk of money without going to congress to get approval every time a law was passed. it had nothing to do with spending control or debt control. it was a technicality, most functioning countries don't have any such thing because they understand that if
, a number of issues going on, gun control, the debt ceiling debate, immigration reform, another issue. you've been very outspoken on it. it will come up in the next few months hopefully. the way you talk about immigration, mr. mayor, the whole debate about immigration reform is on the scales of what kind of burden does immigration pose to the country, how do we manage the burden. you said, it's not a burden. a jolt to our economy. >> most knowledgeable people would agree immigrants create jobs here. immigrants are a thousand times more likely to have a business, don't take away jobs, create jobs. seasonal workers take jobs from nobody and do things americans won't do and create jobs down the road. the economic benefits of having immigrants around the world, the countries starting to eat our lunch doing it because they want immigrants and we are trying to keep them out. the issue where it gets controversial, family reunification, you're here an want to bring your family over. the family reunification people are trying to hold the economic immigration changes hostage until they get some of t
about the fiscal cliff, and now the debt ceiling debate coming. do you agree, is there a lack of leadership there, and conceivably what can be done to change that? >> i think what we've got is an organization, leaders in washington, who have lost sight of what their mission is. their mission is to serve the american people to get certain key things done. budgets passed, agreements done. and i think that people have got to understand the greater good is more important than the individual gain that they might make, posturing, or whatever. i think it's a real problem. >> as part of what may end up being yet again another potential compromise, we may see spending cuts significantly for the defense budget. do you think it can handle that, what you've seen in afghanistan and iraq as well, that we can cut defense spending meaningfully? >> i think every part of the u.s. budget is going to be cut. i think defense should or will not be exempt from that. it forces tough choices. but that's what leadership's about. it's setting priorities. and that means we're going to accept some risk. b
to come, could the debate on the debt ceiling in washington inflict pain at the pump? that's later on. but first, why it could be time to ditch the plastic in your life. the lowdown on the high cost of credit cards is next with bill moller. it is the new year, when americans make resolutions to save money and cut expenses. here's something you can do - in fact, should do right now: dump that high-interest-rate, high-fee credit card you're using, and find something better. bill hardekopf runs and is a respected 3rd party source of credit card information. bill, just how many different cards are there out there? > > bill, there are over 1000 credit cards in the united states, so there are plenty to choose from, and it can be very overwhelming to consumers. > but it is worth the effort, because you could save, apparently, quite a lot of money. how much? > > you sure can. we've had people e-mail us or call us and say that when they changed from one credit card to another, they saved over $500 over the course of a year. so it is certainly worth your effort to pick a good credi
that worries some people, though, is the upcoming debates over the debt ceiling is going to be even more contentious, much more contentious, possibly, than the fiscal cliff debate that we just had. how damaging might that be to the economy in your opinion? >> i think you're going to work things out. i don't see the government stopping. i think they are going to work out and get over this next cliff. i'm not sure it's a cliff. it's just a small hill to climb. >> a small hill to climb. i think you might be in the minority on that one, mr. broad, but i'll give it to you. tell me about the los angeles economy specifically. you said you think the economy overall is getting better. what about l.a.? >> l.a. is doing a lot better. unemployment is down. it's now in single digits versus double digits in the past. we've got a number of major construction projects, including our museum, including things happening at the airport and elsewhere. there are lots of companies coming to los angeles. there are a lot of people from los angeles wanting to move downtown to grand avenue where all the activity i
with a -- fix the fiscal cliff and deal with the debt ceiling? >> the fiscal clefted not fix the debt, and that was the big debate during the fiscal of conversation. is this affecting tax policy or is this about trying to pixar debt and deficit. there was a group that said let's fix the tax policy in deal with the deficit later. as supporters sang, we must deal with the debt and deficit which is the bigger issue. gerri: you voted against it. >> i did. gerri: what can we do about this? what can we do about this? >> well, we have three things. people will hear them thrown together by the senate and presidency, but there are really three different distinctly different things. the debt ceiling, the sequestration that has now been punted for two months, and we also have what is called a continuing resolution all will be abbreviated as a cr. all three are good moments to deal with spending. but they're all very different, not the same. sequestration is our agreement that we are going to cut spending, 100 billion this year. that got punted for two months as part of the fiscal cliff and will
the debt ceiling. just give me more borrowing authority. let me have more revenue so i can continue to spend. that will not solve the problem. we have $16 trillion debt. we will have to cut spending. bill: are you in agreement with mitch mcconnell this weekend when he said taxes are off the table? we resolved this issue. we have, sorry, we don't have this problem because we tax too little. we have it because we spend way too much. >> no. he is exactly -- remember the last debt ceiling agreement 16 months ago. two days after the law passed we got downgraded on our credit rating. a week after the bill had passed the market dropped 1323 points. the super-committee which was supposed to identify spending reductions fell apart like many of us thought it would and the scheduled cuts in the last agreement which were supposed to take place were just suspended and postponed five days ago in the fiscal cliff agreement. now it is time to raise the debt ceiling again and we have yet to cut one dime from the last agreement. spending is the problem we have to address that problem. bill: now democ
% of the expenditures if it doesn't have the ability to borrow under a debt ceiling. this will affect america in so many fundamental ways. they just went through the fiscal cliff debate with the president and all of the polling coming out is saying the president got the upper hand of that in terms of public opinion. >> robert, do you agree with that? do you think it's going to get done or is there a possibility it's going to need some kind of push like tax refunds not going out to get them to get down to business? >> it sounds like day gentleman view all over again. it's about us being able to pay our bills. regardless of whether or not the irs is able to send out refunds or not this already affects each and every one of us because it's our taxpayer dollars. we have republicans and democrats that wait until the last minute on everything to get something done. what we need is speaker boehner and the president to come to the table and roll up sleeves -- >> speaker boehner said he won't talk to the president on this. >> that's not what he said. he said i'm not going to negotiate one on one with this presid
avoiding the debt ceiling be as easy as minting a coin? there is a debate going on right now, i don't know how serious it is but there is a debate going on on whether the united states can create a coin worth $1 trillion, a $1 trillion coin. alison kosik is at the new york stock exchange. i love this story even though it's not real but just fun. >> i hate to burst your bubble, not likely to happen but it is legal. let's play the what if game, has a little more room to run. we know the treasury department with mint and issue platinum bouillon coins. deposit it at the fed and the treasury could pay off its debts and we wouldn't have to deal with watching the catfight on capitol hill with dealing with the debt ceiling. paul krugman, the "new york times" columnist says it's a game mick but says in an op-ed that ran yesterday in the "new york times" says the trillion-dollar coin should be printed. we should sit down like serious people and deal with probably seriously. that may sound reasonable but if you've been living in a cave for the past four years, think twice about that. he specifically
crisis, we've got a debt ceiling discussion, we've got senator mcconnell saying, listen, we got to find ways to cut entitlements. isn't this smack in the middle of that debate when you're charging $300,000? >> well, we charge $295,000 because of really three things. one, the burden of illness of the condition you described, $200,000 to $600,000 a year is the cost for each one of these patients. we charge $295 because of the value that gattax brings. reducing the reliance on nutrition, 15% of patients getting off of nutrition altogether and improvement in the quality of life. and third, there's a premium associated with treating only 3,000 to 5,000 patients in the u.s. >> so the insurance companies would actually favor using your drug than doing what they're currently doing for these people. >> that's exactly right actually. 100% of the payers said that they would reimburse gattex. 76% of the physicians said that they will prescribe gattex independent from the cost. and about 100% of the patients said they will try gattex. >> let's go over when people talk about cutting medicare, when pe
, what are the things to take away from that for the united states? also a debt ceiling alarm bell from the bipartisan policy center saying the treasury department's going to run out of room on the debt ceiling earlier than we thought. february 15th, they say. that's the "x" date when we can't pay all of our bills, when we literally only have that date $9 billion coming in, and we have $52 billion in bills. imagine that in your own household. if you had $9 billion coming in and $52 million going out. when you look at it, it's staggering. i think we have a chart on the left. that's how much daily catch flow analysis, that means how much on the left, $9 billion is coming in. look at all the bills on the right we have to play, interest on the debt, $30 billion, we only are bringing in $9 billion a day on february 15th, but we have $30 billion in debt payments. how about irs refunds because it is, of course, tax season. federal salaries and benefits, $3.5 million, military active pay, medicare/medicaid, defense, food/hud/welfare/unemployment, other spending. that's how unbalanced it is. tha
Search Results 0 to 20 of about 21 (some duplicates have been removed)